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AvtoVAZ could buy the business of its largest supplier

AvtoVAZ can become a co-owner of several companies of the group "United Automobile Technologies" (OAT). According to "RBK" with reference to its sources, the agreements of intent on the transaction of AvtoVAZ and OAT will be signed at the beginning of this week. Automaker may receive 99% of JSC "Motor-Super" (Togliatti), 40% of "Dimitrovgrad Automobile Units Plant" (DAAZ, Ulyanovsk region), 25% of JSC "Serdobsky Machine Building Plant" (SMZ, Penza region), 20% of "OSVAR" (Vladimir region), 15% "Rosavtoplast” (Togliatti) and 10% "VAZinterService "(VIS, Tolyatti), said one of the interlocutors "RBK". A second source said that the final scheme of the transaction has not yet been approved.

OAT – is the Russia's largest holding company for the production of automotive components and the largest supplier of AvtoVAZ. Under the direction of the group there are 13 enterprises in five regions of Russia. They produce, according to the group itself, more than 4 thousand types of parts, which are all models of AvtoVAZ, GAZ, UAZ, as well as for cars Nissan Almera, Teana, X-Trail, Renault Sandero and "KAMAZ". According to SPARC, revenue in 2013 – was 137.5 billion Rubles, net profit - 56 million Rubles.

Shareholders of OAT were not disclosed. A source close to the OAT argues that the holding is fully under the control of the state corporation "Rostech”. The representative of "Rostech" confirmed "RBK" that the corporation through its affiliates "Oboronprom" owns shares in OAT, but the size of this share has not named.

According to sources familiar with the details of the impending deal, AvtoVAZ can also receive 100% of the joint venture CIMOS-ZKS, which is founded by Tolyatti LLC "Plant of the climate system" (PCL, five years ago, it had about 70% of the supply of air conditioners for AvtoVAZ) and Slovenian company SIMOS d.d. According to SPARC, in 2014, 100% of CIMOS-ZKS was owned by Cypriot Lada International.

Sources say that the transaction is non-cash: AvtoVAZ will get an asset through the introduction in the authorized capital of the companies, included in OAT, the owned by car plant equipment, which is now in these companies in the lease. Also it can go a loan that AvtoVAZ provided OAT for the additional working capital at the end of 2014 - about 2 billion Rubles, says one of the interlocutors.

On Friday, a statement on the dismissal was written by OAT CEO, Michael Kuchynski, almost all of his deputies and several managers, including the press spokesman. The team of Mr.Kuchinski was against OAT management together with AvtoVAZ, told the sources of "RBK".

OAT was created by "Rostech" (which owns 32,87% of Alliance Rostec Auto, which owns 74.51% of the capital of AvtoVAZ) in 2008 to bring together the largest suppliers of AvtoVAZ, KAMAZ and other automakers country. The largest manufacturer of automotive components in Russia OAT became only in 2010, when it completed the acquisition of the assets of the Samara Group SOK, which controlled about 35% of the supply of AvtoVAZ. Then the amount of the transaction was estimated at 150-200 million Dollars.

SOK was forced to sell its automotive components business soon after it disrupted the schedule of deliveries to AvtoVAZ in 2009. But the transition of automobile suppliers under state control has not solved the problem. So, in October of the last year OAT raised the price for Automotive Spare Parts and it disrupted the delivery schedule, which is why four days of idle of car production of Kalina and Granta. In addition, it has led to non-completed in the assembly of 10,000 cars. One of the reasons that AvtoVAZ decided to buy the supplier, was the need to avoid such problems in the future, told the interlocutors of "RBK".

Negotiating about the purchase of OAT AvtoVAZ leads from the end of the last year, told several top managers of the Togliatti automobile plant and its suppliers. The possibility of buying of the holding the plant considered back in 2010, shortly after it bought the automotive components business of SOK Group. AvtoVAZ even received permission to conduct this transaction in the FAS, but for unknown reasons it did not take place.

Historically, the automotive components business of SOK was formed on the basis of the former assets of AvtoVAZ, in particular the "Motor-Super", DAAZ and VIS, which were isolated from the car plant in independent structures even with the former owner and chairman of the board of plant, Vladimir Kadannikov. Equipment at the same time remained in the ownership of AvtoVAZ and it was rented by SOK. By the same pattern automotive components were produced at SMZ, Osvar and "Rosavtoplast", sources say. According to them, AvtoVAZ breaks the lease and it exchanges them for a stake in enterprises.

It is the idea of President of plant, Bo Andersson (took office in January 2014), to return assets that were previously derived from its balance sheet. So far, the company has returned only one company: in November of 2014 AvtoVAZ bought from "Rostech" LLC "Volga Engineering Works" (VSW). The sum and details of the transaction were not disclosed.